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FOR IMMEDIATE RELEASE
June 30, 2008

Sen. Browne's Mortgage Reform Bills Headed to Governor

Legislation will provide protection for consumers

Four bills introduced by Senator Pat Browne (R-16) targeting predatory and other questionable mortgage lending practices in Pennsylvania are now headed to the Governor for his signature and enactment into law.

The General Assembly has given final approval to Senate Bills 483, 484, 485 and 486 and those measures await the Governor's signature.

"I want to thank my colleagues for their support of these important bills and I hope the Governor will soon sign these measures into law," Senator Browne said. "While Pennsylvania has fared better than many states as a result of the collapse of the housing market, we have many, many families suffering as a result of questionable mortgage practices in the past. It is incumbent upon us to adjust our banking codes and other codes to try to better protect consumers in one of their most important decisions and that is taking on a mortgage to secure a primary residence."

Senate Bill 483 would amend the Loan Interest and Protection Law of 1974 to increase the monetary cap in the Act from $50,000 to $217,873. "The most important protection is eliminating pre-payment penalties for loans $217,873 or less," said Senator Browne.

Senate Bill 484 would permit the Department of Banking to publicly release information on pending enforcement actions and fines levied against non-depository licensees. 

Senate Bill 485 would amend the Real Estate Appraisers Certification Act regarding board membership, disciplinary measures and penalties.

Senate Bill 486 would amend the Housing Finance Agency Law to require lenders to send copies of foreclosure notices to the Pennsylvania Housing Finance Agency so that mortgage foreclosures can be monitored on a statewide basis.

Contact:

Lesley Crozier
(717) 787-1349